Auto buyers borrowed a record amount in the first quarter with the average monthly payment climbing to an all-time high of $474, according to a new report from Experian Automotive.
Buyers also continued to spread payments out over a longer period of time, with 24.8 percent of auto loans now coming with payment terms between six and seven years -- the highest percentage Experian has ever recorded in a quarter. Experian analyzed approximately 4.7 million new and used auto loans written between January and March. Those loans totaled $100.7 billion, a record amount for auto loans written in any quarter in the United States. The average length of auto loans increased by one month to 5.5 years, a new all-time high.